Delhi-Meerut Expressway to boost NCR property market: CREDAI

Prime Minister Narendra Modi today unveiled a plaque to mark the laying of the foundation stone of the Delhi-Meerut Expressway to be built at a cost of Rs 7,566 crore that includes construction of 28 km long 14-lane Delhi-Dasna sectionPTI | January 01, 2016, 08:21 IST

NEW DELHI: The construction of Delhi-Meerut Expressway at cost of Rs 7,566 crore will have a positive impact on the housing supply and demand in the NCR property market, realtors' apex body CREDAI said today.

Prime Minister Narendra Modi today unveiled a plaque to mark the laying of the foundation stone of the Delhi-Meerut Expressway to be built at a cost of Rs 7,566 crore that includes construction of 28 km long 14-lane Delhi-Dasna section.

"It is a very good development. This will have a very positive impact on the NCR real estate market, particularly Ghaziabad, Indirapuram, Noida and Noida Extension," CREDAI President Getamber Anand said.

The construction of this expressway would boost both supply and demand of housing in these areas, he said.

CREDAI-NCR President Manoj Gaur in a statement said that the "realty market of the areas lying in and around NH-24 is expected to grow leaps and bounds with this development plan."

Sare Homes MD Vineet Relia said: The development would ease the lives of people living on the Ghaziabad-Indirapuram stretch as this project is expected to decongest NH-24 that connects Delhi with Meerut.

"Considering the large population base in the city, infrastructural developments such as the extension of the Metro route to Ghaziabad and the construction of Delhi-Meerut Expressway project would increase the demand from both investors and end consumers," Relia said.

This development would positively impact the capital and rental values along the NH-24 stretch, he added.

Prateek Group Chairman Prashant Tiwari said the areas of Ghaziabad and Greater Noida (West) would certainly become prospective destinations for investments.

The Rs 7,566 crore Delhi-Meerut expressway includes the construction of 28 km long 14 lane Delhi-Dasna section at a cost of Rs 2,869 crore.